ELTEK LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ELTEK LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	37.1	32.8	33.9	34.8	36.7	33.8	39.7	46.7	46.5	51.8
Cost of revenue	34.2	31.4	31.3	28.8	29	26.9	31.4	33.6	36.2	43.8
Gross profit	2.82	1.33	2.6	6.01	7.74	6.9	8.27	13.1	10.3	7.98
Research and development	0.12	0.04		0.02	0	0.08	0.09	0.09	0.19	0.05
Selling, general and administrative	4.7	4.7	4.67	4.6	4.7	4.87	5.21	5.72	5.76	5.59
Operating income	-2	-3.42	-2.07	1.39	3.03	1.95	2.97	7.3	4.39	2.35
Interest expense	0.31	0.3	0.48	0.44	0.34	0.49	-0.89	-0.42	-0.71	1.27
Other non-operating income	-0.26	0.02	0	0.92	-0.02	0.04	0	0
Pre-tax income	-2.57	-3.7	-2.54	1.87	2.68	1.5	3.86	7.72	5.1	1.07
Income tax	1.16	0.07	0.06	0.08	0.07	-3.54	0.66	1.36	0.87	0.25
Net income to minority interests	-0.1
Net income	-3.62	-3.78	-2.61	1.79	2.61	5.04	3.19	6.35	4.22	0.83
EBITDA	-0.14	-1.7	-0.42	2.9	4.62	3.73	4.51	8.61	5.94	4.45
EPS, basic	-1.82	-1.58	-1.28	0.48	0.58	0.86	0.55	1.08	0.64	0.12
EPS, diluted	-1.82	-1.58	-1.28	0.48	0.58	0.86	0.55	1.07	0.63	0.12
Shares, basic (weighted)	2.03	2.03	2.03	3.73	4.5	5.84	5.85	5.9	6.63	6.72
Shares, diluted (weighted)	2.03	2.03	2.03	3.73	4.5	5.87	5.85	5.96	6.7	6.79

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.23	0.89	0.99	1.63	4.74	9.28	7.37	9.28	7.58	2.48
Receivables	5.7	6.96	5.68	7.48	9.06	7.02	10.1	10.9	11.8	14.8
Inventory	3.93	3.87	3.61	3.74	3.7	4.89	5.13	6.14	9.49	11.2
Other current assets	0.46	1.47	0.78	0.14	0.13	0.21	0.19	0.3	0.06	0.26
Total current assets	11.3	13.5	11.4	13.5	18.8	22.6	23.4	30.1	39.1	38.7
Property, plant and equipment	8.45	8.59	6.62	6.76	7.26	7.37	7.67	9.35	14.6	20.9
Lease right-of-use assets				2.49	8.95	8.98	7.16	6.56	5.91	6.27
Intangible assets	0.32
Other non-current assets					9.07	12.8	9.91	7.71
Total assets	20.1	22.1	18.2	22.8	35.2	42.8	41	47.2	60.2	66.3
Accounts payable	4.73	5.45	4.11	4.67	4.45	4.04	4.79	7.5	7.37	6.05
Accrued liabilities	0.89	0.98	0.94	0.97	0.99	1.08	1.03	1.09	1.34	2.24
Short-term debt	0.98	0.3	0.42	0.66	0.37	0.72	0.7	0
Total current liabilities	11.4	18.1	16.8	14.8	9.7	9.26	10.5	14	13.3	13.7
Long-term debt	1.95	0.39	0.31	0.39	1.5	3.92	2.77	0
Lease liabilities				1.09	8.27	8.19	6.44	5.87	5.19	5.3
Total liabilities	13.5	18.7	17.3	16.6	19.9	21.7	20	20.3	19	19.5
Total debt	2.93	0.69	0.72	1.05	1.87	4.64	3.47	0
Paid-in capital	17.3	17.3	17.3	18.6	22.8	22.8	22.9	23.6	32.6	32.7
Retained earnings	-15.1	-18.9	-21.5	-19.7	-17.1	-12.1	-9.87	-4.84	-0.62	-1.07
Shareholders' equity	6.63	3.46	0.88	6.27	15.3	21.1	21	26.9	41.2	46.7
Total equity	6.63	3.46	0.88	6.27	15.3	21.1	21	26.9	41.2	46.7
Total liabilities and equity	20.1	22.1	18.2	22.8	35.2	42.8	41	47.2	60.2	66.3
Shares outstanding	2.03	2.03	2.03	4.38	5.84	5.84	5.85	6.02	6.71	6.72

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-3.73	-3.78	-2.61	1.79	2.61	5.04	3.19	6.35	4.22	0.83
Depreciation and amortization	1.86	1.72	1.65	1.51	1.59	1.78	1.54	1.32	1.55	2.1
Stock-based compensation			0.06	0.14	0.12	0.2	0.25	0.36	0.61	0.51
Deferred income tax	1.09			0.05	0.03	-3.59	0.63	1.32
Change in receivables	2.15	-0.6	0.79	0.04	-0.96	2.26	-3.94	-1.01	-0.99	-1.22
Change in inventory	0.29	0.47	-0.03	0.6	0.29	-1.02	-0.81	-1.14	-3.53	-0.28
Cash from operations	0.17	-3.44	-0.81	2.58	3.25	3.88	3.83	8.86	4.54	1.15
Capital expenditures	-0.71	-0.28	-0.62	-0.93	-1.08	-1.54	-3.03	-2.43	-9.51	-5.35
Cash from investing	-0.75	-0.28	-0.62	-0.81	-1.14	-1.65	-3.03	-2.96	-15.9	-5.33
Debt issued	0.24	0.17	0.38	0.56	1.14	3.06	0	0
Debt repaid	-0.68	-0.87	-0.91	-0.89	-0.18	-0.3	-0.67	-3.35	0	0
Stock issued				3.3	5.59	0	0	0	9.31	0
Dividends paid					0	0	-0.99	-1.32	0	-1.28
Cash from financing	0.47	3.24	1.53	-1.13	0.81	2.12	-1.64	-3.81	9.61	-1.24
Exchange rate effect	0.04	0.13	0.01	-0	0.18	0.2
Net change in cash	0.2	-0.35	0.11	0.64	3.11	4.55	-1.92	1.91	-1.7	-5.09
Free cash flow	-0.54	-3.72	-1.43	1.65	2.17	2.34	0.8	6.43	-4.97	-4.21
Interest paid	0.16	0.19	0.21	0.23	0.16	0.03	0.13	0.08	0	0
Income taxes paid				0.04	0.04	0.06	0.04	0.04	0.06	0.03

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.12 on September 24, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.4%	Gross profit / revenue.
Operating margin	4.5%	Operating income / revenue.
EBITDA margin	8.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.1%	Pre-tax income / revenue.
Net margin	1.6%	Net income / revenue.
FCF margin	-8.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.2%	Cash from operations / revenue.
Effective tax rate	23.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.3%	Net income / average total assets.
Return on invested capital (ROIC)	4.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.1%	Research and development expense / revenue.
SG&A / revenue	10.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.3%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-22.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-46.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-5.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-25.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-80.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-36.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-20.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-81.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-39.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-27.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-74.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-33.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-18.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	30.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	25.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.82x	Current assets / current liabilities.
Quick ratio	1.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	29.5%	Total liabilities / total assets.
Interest coverage	1.84x	Operating income / interest expense.
Working capital	$25.0M	Current assets - current liabilities.
Tangible book value	$46.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.82x	Revenue / average total assets.
Fixed asset turnover	2.92x	Revenue / average property, plant and equipment.
Inventory turnover	4.24x	Cost of revenue / average inventory.
Days inventory	86 days	365 x average inventory / cost of revenue.
Receivables turnover	3.90x	Revenue / average receivables.
Days sales outstanding	94 days	365 x average receivables / revenue.
Days payables	56 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	124 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-509.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	466.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.12	Net income per basic share, as reported (split-adjusted).
Revenue per share	$7.63	Revenue / diluted weighted shares.
FCF per share	-$0.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.17	Cash from operations / diluted weighted shares.
Book value per share	$6.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.96	Tangible book value / shares outstanding.
Cash per share	$0.37	(Cash + short-term investments) / shares outstanding.
Payout ratio	154.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$54.6M	Share price x shares outstanding.
Enterprise value	$52.1M	Market cap + total debt - cash - short-term investments.
P/E	66.1x	Market cap / net income. Only when net income is positive.
P/S	1.05x	Market cap / revenue.
P/B	1.17x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.17x	Market cap / tangible book value, when positive.
P/OCF	47.6x	Market cap / cash from operations, when positive.
EV/Sales	1.01x	Enterprise value / revenue.
EV/EBIT	22.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.7x	Enterprise value / EBITDA, when both are positive.
FCF yield	-7.7%	Free cash flow / market cap.
Earnings yield	1.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.

What was ELTEK LTD's revenue in fiscal 2025?

ELTEK LTD reported revenue of $51.8M for fiscal 2025, 11.3% higher than the year before.

Was ELTEK LTD profitable in fiscal 2025?

Yes. Net income was $826.0K, a net margin of 1.6%.

How much free cash flow did ELTEK LTD generate in fiscal 2025?

Cash from operations of $1.1M minus capital expenditures of $5.4M left free cash flow of -$4.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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